ROYNAVAL SA

To purchase, sell, subscribe to construction contracts; to own, manage, lease, equip, operate, maintain, repair, exchange or otherwise deal with vessels of any kind - boats, yachts, ships - motorized or sailing; to acquire and mortgage naval participations on these vessels. The company may build and/or participate in the formation of companies with similar purposes, acquire, hold, sell participations in companies with similar vocations; it may contract and grant financing; the company may carry out any type of commercial activity commonly connected with the ownership and/or commercial exploitation of naval entities.